Home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2012 Dear Sir,
As payment of home loan interest upto 150000/- is allowed as deduction. Please let me know that sum of Rs. 1.5 lacs can be claimed in a single financial year or it is allowled upto Rs. 1 lac u/s 80C and the rest amount of 50k is to claim in next FY?

Thanks & regards.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 November 2012 Housing interest is Rs.1.50 lakh maximum deduction is full deduction u/s.24b for self occupied property

What ever you are asking about Rs.1 lakh deduction is u/s 80C. under 80C only Housing loan principal repayment

So Housing loan principal repayment eligible u/s. 80C maximum of Rs. lakh

Housing loan interest is for self occupied property maximum of Rs.1.50 lakh is covered u/s.24b

CA Mihir Darji

CA Mihir Darji (Expert)
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04 November 2012 CMA Ramesh Krishnan is correct..

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